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New York

Developer to build schools for air rights

Developer World Wide Holdings is slated to build two new public schools in Midtown as part of an agreement formalized June 13. In exchange, the developer will acquire the air rights above the East 57th Street Educational Campus at Second Avenue, home to the High School of Art & Design and the Beekman Hill International School.

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This is the first time in the city’s history a private developer will lease school air rights on municipally owned land in return for erecting new school buildings. more By Lauren Elkies